Palm Beach County Walgreens trades for $12M

Miami /
Nov.November 05, 2015 02:30 PM

A Walgreens in Loxahatchee, an unincorporated portion of western Palm Beach County, just sold for $11.75 million.

The sale covers two commercial buildings at 15940 and 15910 Orange Boulevard, both of which are owned by companies linked to Jack Azout, Saul Gilinski, Jack Sredni and Isaac Sredni, according to Palm Beach County property records.

Walgreens occupies the larger of the two buildings at 15940 Orange Boulevard, while the second is leased to a variety of tenants including a salon, chiropractor and a Papa John’s Pizza.

Together, the buildings total 19,904 square foot, so the price breaks down to roughly $590 a foot. A Loopnet listing for the property said Walgreens has 20 years remaining in its base lease with an annual rent of $560,000.

A company named Pacific Wag-Loxa LLC was listed as the buyer. Records show the firm is tied to the Pacific Equities Group, which is headquartered in Los Angeles, California. The transaction took place through two deeds: one for $10.2 million, which covered the Walgreens building that was built in 2010, and $1.55 million for the smaller building with multiple tenants that was built in 2012.

The buyer financed its deal with an $8.5 million loan from Wells Fargo Bank.

Azout, one of the sellers, is a managing member of Elion Partners in Aventura. The investment firm, which is working on a luxury condo tower called the Bristol, was also linked to a land purchase in Broward County earlier this week.

The group of sellers paid a total of $9.42 million, or $473 per square foot, for both properties roughly a year after each was built.


Related Articles

arrow_forward_ios
Shlomo Khoudari and Justin Bennett with 3141 Southwest 10th Street in Pompano (Google Maps)

Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center

Shifting gears: Elion Partners pays $12M for Pompano Beach auto parts distribution center
Jon Gray, 16100 Northwest 49 Avenue and 16200 Northwest 49 Avenue, Miami Gardens (Credit: Google Maps)

Blackstone snags eight industrial properties in Miami-Dade

Blackstone snags eight industrial properties in Miami-Dade
Jose Sasson and Roberto Susi, 3900 Coral Ridge Drive

Elion Partners buys Coral Springs warehouse for $7M

Elion Partners buys Coral Springs warehouse for $7M
1111 Southwest 30 Avenue (Credit: Google Maps and iStock)

Vitamin company sells warehouse in Deerfield Beach for $22M

Vitamin company sells warehouse in Deerfield Beach for $22M
1210 Southwest 35th Avenue and Elion Partners Shlomo Khoudari

Elion Partners pays $26M for Boynton Beach warehouses

Elion Partners pays $26M for Boynton Beach warehouses
Baskir Capital buys a TD Bank branch in North Miami Beach

Baskir Capital buys a TD Bank branch in North Miami Beach

Baskir Capital buys a TD Bank branch in North Miami Beach
Elion Partners buys Medley warehouse for $8M

Elion Partners buys Medley warehouse for $8M

Elion Partners buys Medley warehouse for $8M
SoFla lease roundup: Aldora moving HQ to Coral Springs and more

SoFla lease roundup: Aldora moving HQ to Coral Springs and more

SoFla lease roundup: Aldora moving HQ to Coral Springs and more
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...